Technical analysis

HK50 Wave Analysis 30 April, 2021

• HK50 reversed from pivotal resistance level 29325.00

• Likely to fall to support level 28380.00

HK50 index recently reversed down from the pivotal resistance level 29325.00 (which stopped the previous impulse waves (c) and 1).

The resistance zone near the resistance level 29325.00 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the ABC wave (4) from February.

HK50 index is likely to correct down further toward the next support level 28380.00 (which has been reversing the price from the start of April).

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